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Showing 1 - 10 of 36 results for "Fee for no service"

UK advisers told to review retirement advice processes

JAMIE WILLIAMSON  |  THURSDAY, 21 MAR 2024
... future, or that income levels might not be sustainable had been disclosed The regulator also found evidence of fee for no service conduct where customers were paying for ongoing advice but not receiving periodic reviews of suitability, while other firms ...

Munich Re targets AMP over alleged reinsurance misconduct

ANDREW MCKEAN  |  WEDNESDAY, 23 AUG 2023
... supporting our businesses." Earlier this week, AMP also settled a class action for $110 million relating to fee for no service scandals and misleading regulators. The class action filed in June 2018, impacted AMP shareholders due to a violent drop in ...

AMP settles class action for $110m

KARREN VERGARA  |  MONDAY, 21 AUG 2023
AMP has put to bed a class action relating to fee for no service scandals and misleading regulators as exposed by the Royal Commission but claims no responsibility in settling for $110 million. The class action filed in June 2018, affected AMP shareholders ...

Dodgy advice bill nears $5bn: ASIC

CASSANDRA BALDINI  |  FRIDAY, 10 MAR 2023
... The remediation programs included in ASIC's update relate to customers who suffered loss or detriment due to fee for no service misconduct or non-compliant advice. While it is ASIC's final update, some remediation programs are ongoing. The watchdog said ...

AET divestment drives Insignia profit gain

JAMIE WILLIAMSON  |  THURSDAY, 23 FEB 2023
... six-month period the advice business was also impacted by $90 million paid in remediation, with the ANZ Advice fee for no service program being finalised. Overall, cost cutting saw Insignia save 7% in operating expenses, coming in at $518 million. In ...

ASIC takes Mercer Financial Advice to court

JAMIE WILLIAMSON  |  THURSDAY, 30 JUN 2022
Mercer Financial Advice is being sued by ASIC over fee for no service conduct that continued after the Royal Commission and impacted members of both a corporate and government super fund. The regulator alleges that between July 2016 and June 2019 Mercer ...

Avanteos faces criminal charges over deceased super members

ELIZABETH MCARTHUR  |  WEDNESDAY, 8 DEC 2021
... affected customers. Avanteos's conduct was the subject of evidence given at the Royal Commission in the context of fee for no service conduct in the financial sector. The maximum penalty for each offence, which occurred between 2016 and 2018, is $180,000. ...

CBA adds $32m to advice remediation bill

KARREN VERGARA  |  WEDNESDAY, 12 MAY 2021
... for further increases to the indemnity limit remains under certain triggers relating to the failure rate for fee for no service remediation and the quantum of certain inappropriate advice remediation," the two firms said in a joint statement. "Remediation ...

Remediation services profiting from Royal Commission failures

ELIZABETH MCARTHUR  |  THURSDAY, 11 MAR 2021
Services are popping up to assist consumers in getting refunds for fee for no service financial advice, junk insurance and other misconduct exposed by the Royal Commission - but they are doing it for a fee. Remediator is one such service, launching ...

Banks return $1.2bn for bad advice

ELIZA BAVIN  |  FRIDAY, 12 FEB 2021
... financial advisers to identify and deal with non-compliant advice. NAB leads the ranks in compensation for fee for no service misconduct paying, or offering, $437.5 million to over 636,000 customers. This is followed by Westpac on close to $200 million ...
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